Global Market Overview - The Hang Seng Index closed at 25,166, down 0.41% for the day but up 25.45% year-to-date [1] - The Shanghai Composite Index rose by 1.88% to 3,766, with a year-to-date increase of 12.37% [1] - The US markets showed mixed results, with the Dow Jones down 0.05% and the S&P 500 down 0.60%, while the Nasdaq fell by 1.42% [1] Hong Kong Stock Performance - The Hang Seng Financial Index decreased by 0.42% to 44,940, with a year-to-date increase of 27.90% [2] - The Hang Seng Property Index fell by 1.15% to 18,493, but is still up 24.01% year-to-date [2] - Southbound capital saw a net sell-off of HKD 14.68 billion, with major sell-offs in ETFs like the Tracker Fund and Hang Seng China Enterprises [3] Company Insights Guoquan (锅圈) - Guoquan is the leading brand in China's home dining solutions, achieving retail sales of RMB 11.1 billion in 2022, with a market share of 3% [5] - The company operates over 10,150 stores and is expected to generate approximately RMB 6.5 billion in sales for the fiscal year 2024 [5] - Guoquan's C2F model offers advantages to consumers and suppliers, with a diverse product range and a focus on quality and safety [5][6] Baidu - Baidu's Q2 2025 performance exceeded market expectations, with core business revenue of RMB 26.3 billion, a 2% year-on-year decline but 1.6% above consensus [8] - The company is focusing on growth in its autonomous driving and cloud services, which are expected to drive long-term revenue and profit growth [8] Boss Zhipin - Boss Zhipin reported a 10% year-on-year revenue increase to RMB 2.1 billion in Q2 2025, with non-GAAP net profit rising by 31% to RMB 941 million [8] - The company anticipates a revenue growth of 11.4%-13.0% in Q3 2025, driven by an improving supply-demand environment [8] Keren Biotechnology - Keren Biotechnology expects to release significant data at the 2025 ESMO conference, with SKB264 projected to generate sales of RMB 800 million to RMB 1 billion [9][10] - The company is actively advancing multiple Phase III clinical trials for SKB264, targeting various cancer indications [11] WuXi Biologics - WuXi Biologics reported a 16.1% year-on-year revenue increase to RMB 9.953 billion in H1 2025, driven by strong demand in both R&D and manufacturing sectors [13] - The company has raised its full-year revenue growth guidance to 14-16%, reflecting robust client demand [13][14] ZTO Express - ZTO Express has adjusted its annual package volume growth forecast to 14-18%, down from 20-24%, in response to government policies [16] - Despite a 26% year-on-year profit decline in Q2 2025, the company anticipates that single-package prices may exceed expectations, serving as a catalyst for stock price growth [16] China General Nuclear Power Corporation - China General Nuclear Power Corporation issued a profit warning for H1 2025, expecting a net loss between HKD 40 million and HKD 90 million, aligning with previous forecasts [17] - The company has signed an underwriting agreement with its parent company, which is expected to significantly increase contract prices starting in 2026, driving future profit growth [17]